Private equity firm General Atlantic has led a $120 million investment and acquired a minority stake in Middle East real estate classifieds website Property Finder, Reuters reported.
According to the company, the money would be invested in product and technology. “We want to continue building the best product and data information available to the public,” said CEO Michael Lahyani.
The proceeds will also be used to expand the brand in its existing markets of Saudi Arabia, Egypt, Turkey, the United Arab Emirates, Qatar, Bahrain, Lebanon and Morocco, according to Lahyani. He also noted that the company is likely to add about 200 staff to its 450-strong workforce by the end of 2019.
The Dubai-based company did not disclose the exact size of the stake acquired by New York-based General Atlantic.
As part of the deal, General Atlantic’s Chris Caulkin, the firm’s head of technology for Europe, the Middle East, and Africa, is joining Property Finder’s board after the investment round.
Property Finder is now valued at close to $500 million, according to Lahyani without disclosing the exact figure.
The classifieds website was valued at $200 million in 2016 when it sold a 10 percent stake to Stockholm-listed Vostok for $20 million.
Founded in 2007 has generated six million monthly website visits across its Middle East and North Africa markets.